These numbers are consistent with historical values . There is a rampage of oil exploration residual for some oil brine operators
MGX Minerals Announces N.I. 51-101 Estimated Prospective Oil and Gas Resource for Paradox Basin Petrolithium Project
11:20 am ET August 9, 2017 (Globe Newswire) Print
MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG) (FKT:1MG) (OTC:MGXMF) is pleased to report estimated prospective resources (the "Estimate") attributable to the Company's Paradox Basin Petrolithium Project (the "Project"), consisting of leasehold and royalty interests in San Juan County, Utah and San Miguel County, Colorado.
The Estimate was prepared by the Ryder Scott Company, L.P. ("Ryder Scott"), an independent qualified reserves evaluator within the meaning of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), with an effective date of June 30, 2017. The Estimate was prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. Although the salts may not perform well under stimulation or fracking, the Project contains many clastics and is highly pressurized. Management estimates the total cost required to achieve commercial production from the Project to be $8 million based on the expectation of completion of 3D seismic survey and one horizontal well being drilled. The timeline of the Project is five years, with the estimated first date of commercial production being 18 months from the commencement of drilling using vertical and horizontal drilling techniques along with proprietary patented water handling technology as the Project was conceived. Significant economic factors that may affect the Project relate primarily to operational costs, efficiencies and commodity pricing.
Table 1
Estimated Gross Volumes
Unrisked Undiscovered Hydrocarbons Initially in Place (Prospective Areas)
Leasehold Interests in San County, Utah and San Miguel County, Colorado
As of June 30, 2017
Formation OOIP - MMBO OGIP - BCF COC*
P90 P50 P10 P90 P50 P10
Paradox Clastics
CB2 658.412 861.819 1146.835 526.779 689.513 917.512 0.075
CB3 654.882 859.260 1147.780 523.955 687.411 918.239 0.075
CB4 202.121 266.404 360.542 161.712 213.137 288.434 0.075
CB5 522.456 689.867 921.363 417.988 551.901 737.155 0.075
CB6 105.779 140.097 185.564 84.633 112.088 148.469 0.045
CB7 29.664 39.368 52.916 23.371 31.498 42.334 0.032
CB8 302.101 397.712 524.047 241.692 318.199 419.258 0.068
CB9 182.282 240.960 321.274 145.843 192.782 257.041 0.068
CB10 233.259 303.841 405.630 186.610 243.089 324.524 0.068
CB11 31.746 42.134 57.031 25.398 33.707 45.625 0.032
CB12 148.630 196.857 261.902 118.915 157.494 209.537 0.045
CB13 147.025 194.154 259.693 117.625 155.326 207.764 0.045
CB14 50.415 66.798 89.782 40.334 53.443 71.833 0.045
CB15 103.477 136.703 182.660 82.785 109.373 146.141 0.045
CB16 43.581 57.665 77.645 34.866 46.135 62.120 0.045
CB17 59.391 77.819 104.356 47.518 62.256 83.486 0.040
CB18 73.100 97.038 129.444 58.485 77.633 103.568 0.045
CB19 267.712 349.741 470.387 214.184 279.803 376.352 0.068
CB20 46.692 61.024 82.382 37.035 48.824 65.912 0.040
CB21 (Cane Creek) 563.793 736.091 989.116 451.071 588.917 791.318 0.097
CB22 89.054 118.845 161.139 71.248 95.080 128.919 0.045
Leadville 6.900 14.200 25.000 317.100 465.200 660.200 0.066
*COC - Chance of Commerciality = Chance of Discovery * Chance of Development
Table 2a
Summary of Risked Prospective (Recoverable) Hydrocarbon Resources
Leasehold Interests in San County, Utah and San Miguel County, Colorado
As of June 30, 2017
PROSPECTIVE RESOURCES
RESOURCES LIGHT CRUDE OIL CONVENTIONAL NATURAL GAS- BCF TIGHT OIL SHALE GAS
MMBO MMBO BCF
Gross Net Gross Net Gross Net Gross Net
PROSPECTIVE 0.26 0.20 22.55 16.91 41.17 30.88 32.94 24.71
(High Estimate)
PROSPECTIVE 0.14 0.11 15.29 11.47 28.78 21.59 23.02 17.27
(Best Estimate)
PROSPECTIVE 0.07 0.05 10.10 7.58 19.91 14.93 15.93 11.95
(Low Estimate)
